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20121104
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are not ready for that, worried about the stability of the market, the technology, giving too much power to computers and so on. it raises questions about the preparedness for disasters for the industry. what are your thoughts? >> talking to somebody doing it too long and i am too old but having said that, when there were no computers it worked pretty good. without too many failures. now over the last ten years we have more into the computer age where there is more computer trading and physical trading and we all know about the computer trading but the fact is markets should be open and they are ready to the open. it is more reassuring for everybody, this is the modus operandi. we will figure out a way to get there. i live in manhattan, we have people who work in sea port in the suburbs. they will beat their ended is business as usual. melissa: they didn't open the past two days. does that tell us something new? >> i don't know what the thought process was but wall street is in stanford, wall street is in jersey city and it is a matter of the safety of people and you don't want to defy t
to work. they also expressed concerns about this being the first time of our using our new technology. none of them had really interacted with it before. that was just too much to take. charlie: duncan, you are an amazing diplomat and smart guy, i cannot imagine you did not know that going in. my guess is this, the brokers, they operate their own dark pools which are stock exchanges, didn't they go ballistic, as we were first to report on fox business if you are open, they would have had to be open. >> i do not think that that is it, charlie. i will be honest with you guys. it was a spirited debate in a spirited discussion. i think the bottom line is what we underestimated was our goal to keep the orchid opened today, whether -- it was definitely impressed upon us that they would greatly appreciate it if we would, that they would rather not be open. charlie: to the regulators and press this upon you? >> no. as i said, it was a spirited discussion. i think it was held, you know, i did not get any sense that any time where people were trying to say we hope you guys close so we can say o
't have the technology, it is their fault. they are telling me a slightly different version, actually 180 from that. they point out they thought there was a lot of confusion about the decision to close. they said all of a sudden on a monday we get this thing, we are open. closing the 4 but definitely open. a very clearly communicated message and it sent the street into a panic mode because they really had concerns not necessarily about sending their people which they did but we also point out these firms have remote locations. they were worried about the technology, whether it could handle the volume. they were concerned about a facebook situation. that is what prompted them to say don't do this. they were worried about the storm although the storm hit later monday night after the markets closed but archipelago and whether archipelago really was ready to handle what went down. we should also point out that they basically said the confusion extended even after the decision to close. apparently even after the nyse made the decision to close, after explicitly stating it was opened there were
exchange, they believe they have the technology to have an orderly work it. not have prices go up and down like a flash crash sort of thing. they believed it could handle what was going on. i think this is accurate to a certain extent. they told me that the brokers, themselves, were not prepared for this situation. for this state of emergency situation. the new york stock exchange does have a remote location in new jersey. they can operate. they can do this. melissa: why were the brokers not ready? rich: that is a question we have to ask the brokers. this is a competitive thing here. this is where duncan danced around today. every broker operates at some exchange. they could not get their people to operate their exchange. the new york stock exchange and nasdaq would have been the only two games in town. that, from a competitive standpoint, went nuts. we know the street made calls to the sec. that is clear. the sec -- melissa: great reporting today. we have sandy smashing into the east coast. we will talk to tom close up, one of the best guys in the business. we will let him know what kind
water sources within self-contained well systems. and, using state-of-the-art monitoring technologies, rigorous practices hp ensure our operations are safe and clean for our communities and the environment. we're america's natural gas. ♪ [ engine revs ] ♪ [ male announcer ] oh what fun it is to ride. get the mercedes-benz on your wish list at the winter event going onow -- but hurry, the offer ends soon. dagen: we have a triple digit rally on our hands. we are getting to that time every hour because every 15 minutes it is stocks now. we are close enough, nicole petallides. nicole: i ain't going, no, no. you have ford down 1.5%. we have gotten a lot of news on ford, as well. they did name the chief operating officer. they said it is too early to predict the impact of sandy on the november u.s. auto sales. we do not want to speculate too much on that. we continue to have all of arrows across the board. the majority of the dow jones industrials seem to be doing good. microsoft, caterpillar, disney, jpmorgan, all doing well. apple and facebook coming back after selling off yesterday.
Search Results 0 to 4 of about 5